Kanye West’s Yeezy, MPTF, AFI Got Multimillion-Dollar Federal Loans
Kanye West’s Yeezy clothing brand, the Motion Picture and Television Fund, the Gersh Agency and the American Film Institue are some of the companies that were approved for multimillion-dollar federal loans through the Paycheck Protection Program, according to records released by the Small Business Administration on Monday.
Though it’s not immediately clear the exact amount each company was approved for, MPTF and the Gersh Agency are listed as getting approval for a loan in the $5-10 million range to help save 472 and 250 jobs, respectively. AFI is listed as being approved for a loan in the $2-5 million range to help save 307 jobs, while Yeezy LLC was approved for a loan in the same range to help retain 106 jobs.
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Other recipients include Bustle Digital Group and New York Public Radio for loans in the $5-10 million range to help retain 450 and 467 jobs, respectively; and Agency for the Performing Arts, Jazz at Lincoln Center and Cinedigm for loans in the $2-5 million range to help save 100, 358 and 122 jobs, respectively.
The PPP loans, which were created to help small businesses that have been impacted by the COVID-19 pandemic, are for businesses with 500 employees or fewer to help cover payroll costs. The funding comes from participating banks and lending institutions, which are guaranteed by the SBA. The data released by the SBA only indicates companies that were approved by their respective lending institutions but do not necessarily mean that the SBA has reviewed the loan and determined that the borrower “complied with program rules or is eligible to receive a PPP loan and loan forgiveness,” according to a disclaimer released alongside the records.
Read original story Kanye West’s Yeezy, MPTF, AFI Got Multimillion-Dollar Federal Loans At TheWrap
